Investing.com -- Apple announced Tuesday a multiyear agreement with Broadcom valued at more than $30 billion to design and produce custom silicon components and wireless connectivity technologies for Apple products. The deal will result in the production of more than 15 billion U.S.-made chips and support hundreds of American jobs.

The agreement represents Apple's largest commitment under its American Manufacturing Program, which launched last year to accelerate U.S. manufacturing. Under the deal, Broadcom will expand and modernize its Fort Collins, Colorado manufacturing facilities with a $1.5 billion capital expenditure investment. The facility will produce advanced radio frequency components, including FBAR filters, and wireless connectivity technologies.

"Apple and Broadcom have a long history together, and this new phase of our partnership further accelerates our commitment to American manufacturing and innovation," said Tim Cook, Apple's CEO. "The cutting-edge components built in Fort Collins are essential to delivering the incredible performance and connectivity our customers expect, and we're proud to deepen our investments in U.S.-based suppliers that share our commitment to excellence and innovation."

Hock Tan, Broadcom's president and CEO, said the company was pleased to expand its Fort Collins manufacturing footprint after decades of working with Apple.

The investment forms part of Apple's commitment to invest $600 billion in the U.S. economy over four years, supporting manufacturing, job creation, and technology development.

Broadcom shares traded 0.7% lower in pre-market Wednesday following the announcement, while Apple was down 0.6%.